The Bank of England should hold fire on injecting more money into the economy until the impact of the Funding for Lending scheme is clear, TheTimes’ Shadow Monetary Policy Committee believes.

Rupert Pennant-Rea, chairman of Henderson Group and a former Bank Deputy Governor, voted against increasing quantitative easing, arguing that the lending scheme introduced by the Bank in August should increase the flow of credit into the economy.

He was joined by Andrew Sentance, a senior economic adviser to PwC, who said that the MPC would need to plan an exit from QE if growth continued to pick up